NIC was the ASX200’s top performer yesterday rallying +6.7% following the companies update on its Hengjaya Mine’s mineral resource, the stocks endured a tough year falling over 50% but this was solid news for this nickel business:
- From the board – “We are delighted to deliver a significant increase in our Resource at the Hengjaya Mine from 2.4 million tonnes to 3.7 million tonnes of contained nickel metal representing a 56% increase, with further upside remaining. This places the Hengjaya Mine amongst the top 10 global nickel resources, highlighting the world-class size of the deposit.”
- This could easily lead to a rerating for NIC which we feel is already fairly cheap plus an unfranked 4.2% yield is ok even as rates rise.
MM is now bullish NIC initially looking for 20% upside
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